Two Indian firms in WEF list of 2020 tech pioneers

The World Economic Forum’s Technology Pioneers 2020 report, which brought together 100 early to growth-stage companies from around the world, listed two Indian startups

June 16, 2020

ZestMoney and Stellapps are two data and AI-driven startups from India that are a part of WEF’s Tech Pioneers for the year 2020

Technology Pioneers recognizes early to growth-stage startups that impact business and society with innovative technologies

NASSCOM has projected a 7.7% growth rate for the sector in FY 2020 and ‘cautious optimism’ for the growth in the subsequent FY

The Government of India to build AI-centric cloud computing infrastructure to support Innovation Hubs, ICRAIs and COREs

The World Economic Forum this month released the 2020 list of technology pioneers across the globe that featured two Indian companies, namely ZestMoney and Stellapps. While ZestMoney is a platform that specializes in affordable credit to users, Stellapps is an IoT driven entity that strengthens the farm-to-consumer supply chain with a focus on improving dairy infrastructure in India. 

The Technology Pioneers community recognizes early to growth-stage companies that employ innovative technologies for impact on the society and business environment at large. This year’s Technology Pioneers have been recognized for their work in safeguarding industries and communities in the light of the far-reaching effects of the COVID-19 pandemic. 

The Head of the Global Innovators Community at the World Economic Forum, Susan Nesbitt remarked on the new members of the Technology Pioneers Community, “These are the companies that think differently and stand out as potential game-changers. We’re looking forward to the role they will play in shaping the future of their industries.” 

The IT-ITeS and BPM Industry in India have been a source of significant growth and disruption. The National Association of Software and Services Companies (NASSCOM) has projected a 7.7 per cent growth for the sector in FY 2020 while expressing “cautious optimism” for the subsequent financial year. The industry currently contributes 7.9 per cent of the nation’s GDP and has contributed up to US$137 billion to exports in FY 2019. 

The Government of India has upped its support for the IT-ITeS sector’s endeavors to develop next-generation technologies. The NITI Aayog in January 2020 urged the Government of India to institute AIRAWAT (AI Research, Analytics, and Knowledge Assimilation platform), India’s first platform for AI research, development, and application through cloud computing infrastructure. 

The Government of India is also building an AI-centric computing infrastructure to aid Innovation Hubs, International Centers Transformational AI (ICRAIs), Centres of Research Excellence (COREs). With support from the Government and relevant ministries, the Indian IT-ITeS sector can pioneer innovations to revolutionize the global technology ecosystem.